Delaware State University Cancels $700K in Student Loans for Over 200 Graduates Affected by Pandemic
The loans will be covered by the college through the funds it received from the federal American Rescue Plan for COVID-19 relief
Delaware State University is forgiving more than $700,000 in student loans for recent graduates who were affected by the ongoing COVID-19 pandemic.
The historically Black, public university announced on Wednesday that loans of $730,655 will be allotted to cover the average student debt of $3,276 for more than 220 students.
This will be done by funds from the federal American Rescue Plan Act (ARPA) for COVID-19 relief sent by the Biden Administration, the university said.
"Too many graduates across the country will leave their schools burdened by debt, making it difficult for them to rent an apartment, cover moving costs, or otherwise prepare for their new careers or graduate school," said Antonio Boyle, Vice President for Strategic Enrollment Management.
"While we know our efforts won't help with all of their obligations, we all felt it was essential to do our part," Boyle added.
According to Business Insider, Education Secretary Miguel Cardona allowed in March for colleges and universities to use funds from President Joe Biden's stimulus plan — which allocated to $1.9 trillion — for student needs, such as grants, scholarships and canceling debt.
"Our students don't just come here for a quality college experience. Most are trying to change the economic trajectory of their lives for themselves, their families, and their communities. Our responsibility is to do everything we can to put them on the path," DSU President Tony Allen said in a statement.
According to Boyle, 87 percent of recent DSU graduates are either entering into their career of choice or graduate school within six months of commencement.